Why lot of countries do not allow to use Crpto?

[Flor1982]

Because their government is close minded regarding their stand of Crypro or Bitcoin existence in which they want to ensure that no more illegal activities that might be additonal to their current problems that they are facing. So by declaring it illegal without considering the regulation will be the easiest way to get rid of possible problems that Crypto might created in their country.

[1714774780]

1714774780

[1714774780]

1714774780

[1714774780]

1714774780

[1714774780]

1714774780

[Tramle091296]

The problem is, it's hard to collect taxes from everybody that is using cryptocurrencies and buying anything with the use of the. Only countries with huge economies are allowing that to happen.

Well its not hard as long there a law and limit for the transaction anyone can get an tax on it to help on the economic growth of a country. not only the countries with huge econimies can use it. all the country as long they have the access on the internet and have good crypto analysis and advisers they can provide an service to country of using crypto related and help to grow and support theyre people on their needs.

[deppil]

The problem is, it's hard to collect taxes from everybody that is using cryptocurrencies and buying anything with the use of the. Only countries with huge economies are allowing that to happen.

Yeah you right. I realize that even though many people say that the government can also benefit from taxes that can be applied but of course it will be difficult to capture the users of their country. because anonymously there will certainly be many people who will misuse the tax obligation

[pandanaran]

Lot of countries do not allow to use crypto currencies and they discourage using them. However as far as I feel, trading with crypto is not that harmful for the economy of the country. As an example, if a person has Eth and someone from another country needs to buy Eth, that buyer needs to pay the seller in terms of dollars. Then that seller needs to convert that Dollars to his native currency which means it creates a the demand for the native currency and increase the value of the currency. May be the government is unable to add a tax on such transactions but it is beneficial for the currency used in seller's country.
What do you think about that?

What you exemplify is one of the reasons why the state does not accept crypto, if its citizens use cryptourrency to transact it will only increase the crypto demand and the government does not get anything, the government wants reciprocal benefits (no tax no profit and not be allow). One more thing about unilateral thinking by the government, as if crypto is there to help with crime is the reason why there are still many of the lay people not using and interested cryptocurrency.

[BigTeeths]

Underdeveloped countries strictly needs their citizens' contribution which we all known called as tax to construct government projects, to give budget on health, firearms and etc. So if crypto won't tax their people, they will be easily crippled and cannot do anything because they don't have the budget they need.

[fetucini]

Many reasons why a country banned the use of crypto currency, one of the most worry about is about tax issues, as well as money laundering.

[Pj_Pabatao]

A large part of the public sector comes from the tax.  So is the government has the most attention to taking tax .Not only tax, the governments of these countries banned Bitcoin to prevent  various illegal activities.   But it does not seem to be the best initiative for me. Because the government of these countries could not prevent immoral activities even after all this.

[arrmia11]

Maybe they fear that crypto will dominate before fiat currency and it will result to the decline of the country's economy. Where in fact, it will contribute more since they can still use fiat even though there will be a utilization of crypto in the country. I am into the usage of crypto without eliminating the importance of fiat.

[needcryptos]

Currently, many countries do not allow the use of cryptography because cryptography is a virtual currency that is difficult to control. I think future countries will accept ciphers because of their great potential to improve human and material life. .

[musharaf]

The major reason through which crypto is not legally allowed is the virtual nature and it is physically not available so that is the reason but it is helpful for the online users and making money through crypto trend is increasing day by day.

[ParkSaezz]

Investing in bitcoin is the best way to be rich faster than you ever imagined. Using cryptocurrency is not legal in many country because it is not supported by many institution especially banks. They do not allow to withdraw and deposit through bitcoin.

[serizawa]

maybe because crypto is very volatile so many countries reject the presence of crypto. and maybe the government doesn't like it if many people transact with crypto instead of fiat

[Leocristophe]

The value of Bitcoin affects the interests of the government. Users who use Bitcoin for illegal purposes will be banned from the operation and are responsible for the country.

[burakdat]

state wants to get tax. the input and output of the money can not be controlled. also a serious competitor for bankers. also a good way to make money. countries are opposed to it. a money they can not control is troubling governments.

Well there could be more reason than this. As we all know that the system could also be use in a good way like its features like the blockchain technology where transparency really matter. As it could be use in a government department to let the transaction be incorporate to blockchain. However, some countries do not allow the use of crypto like those countries who are always at war because it could be use in a wrong way.

[Uccccc]

There is no problem regarding financial aspects because they knew that Crypto currencies can be able to help their economy as they also notice the other nations who currently enjoying the benefits of having it legal.

[Lake20]

The main reason why they are not allowing is because it is decentralized and virtual in nature which govts can control.

[Ikay]

As far as I know many countries now are did not allow crypto because of all issues of investors a lot of investors now are angry because they loss big amount of money from investing in crypto and those investors asking for help in government to get back their money that's why countries now are not promoting crypto after all.

[patrickj]

The main reason why they are not allowing is because it is decentralized and virtual in nature which govts can control.

Yes you're right, it is one of the reasons. Decentralized exchange has no legal policies so many will not be able to file a case about their money at the end. Government like it to be centralized to be able to protect the community out of being scammed and also for their main purpose to get taxes from it. Besides, cryptocurrencies can also weakens the economic growth of a certain country so they make an act on it before other business suffered from not knowing about cryto implementation.

[sutejo]

Another reason is the fear that digital currencies are used as terrorism financing.

[Ezenwanyi1]

Most countries do not allow the use of cryptocurrency in their country because,  they are of the thought that the use if it could increase the rate of criminal activities  like money laundering, drug trafficking etc.